The Bank of Maldives (BML) has updated the payout terms for its recently introduced "Investments" service, confirming that both the principal investment and returns under its high-yield USD pool scheme will now be disbursed directly in US Dollars.
The investment product, initially launched on 30 June, allows the public to invest foreign currency into dedicated pools offering profit yields of up to 25 percent. Under the scheme’s original structure, investors received the Maldivian Rufiyaa (MVR) equivalent of their USD principal immediately upon depositing, with profit payouts following in MVR the next day.
In a recent policy update shared on social media, the Maldives’ national bank announced a shift to direct USD payouts for both the invested amount and generated profits. However, BML clarified that upon full maturity of the investment, the original principal amount must be converted into MVR at the official exchange rate.
According to the bank, the attractive yields—which reach up to 25 percent—are funded through BML's foreign exchange operations. Specifically, profits are generated from a 30 percent transaction fee imposed since last year on purchases made through designated foreign e-commerce platforms, after deducting a 5 percent margin for administrative expenses.
The move comes at a time of unprecedented demand for foreign currency in the Maldives. BML highlighted that over the past five years, the volume of USD sold for international debit and credit card transactions has surged 3.7 times. The bank currently sells an average of USD 39.3 million per month to meet consumer demand for overseas services and e-commerce, with the total number of cardholders utilising international transactions more than doubling in the same period.